USD/CHF – 0.9755
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 0.9741
Kijun-Sen level : 0.9764
Ichimoku cloud top : 0.9805
Ichimoku cloud bottom : 0.9795
Original strategy :
Sell at 0.9850, Target: 0.9750, Stop: 0.9885
Position : –
Target : –
Stop : –
New strategy :
Sell at 0.9850, Target: 0.9725, Stop: 0.9885
O.C.O.
Buy at 0.9700, Target: 0.9800, Stop: 0.9665
Position : –
Target : –
Stop : –
Although dollar has recovered after finding support at 0.9723, reckon 0.9790-00 would limit upside and near term downside risk remains for recent selloff to extend one more decline to 0.9700, however, oversold condition should prevent sharp fall below there and bring rebound later, above 0.9800 would bring recovery to 0.9825 but renewed selling interest should emerge around previous resistance at 0.9851, bring another decline later.
In view of this, whilst we are still looking to sell dollar on recovery, we are inclined to buy dollar on next fall as 0.9700 should limit downside. Below 0.9670-75 would risk weakness to 0.9650 but still reckon downside would be limited to 0.9620-25 and bring another rebound later.
